Climate protests hit insurance giant Lloyd’s of London HQ as thousands prepare to join #StopAdani online rally
Climate activists from the Insure our Future and #StopAdani campaigns have gathered in London at the headquarters of insurance giant Lloyd’s of London. Campaigners delivered giant postcards bearing messages from Australians and Pacific Islanders calling on Lloyd’s of London to stop insuring the Adani coal project in Queensland Australia.
The action in London kicks off a global wave of protest this week to pressure Lloyd’s of London to follow the lead of 26 major insurance companies, including several Lloyd’s syndicates, and stop insuring Adani’s Carmichael coal project.
Thousand’s of people from across Australia, Europe and Pacific have registered to attend an online rally.
The rally will call on global insurance giant Lloyd’s of London and its insurance syndicates to stop insuring Adani’s Carmichael coal project. The rally will be held on Zoom, join the rally here or watch the live stream on the Stop Adani facebook page.
Rally participants will take part in hundreds of social media, digital and direct actions targeting Lloyd’s insurance companies at risk of insuring Adani’s coal project. Live phone calls will be made by #StopAdani campaigners to key insurance companies who are yet to rule out insurance for Adani.
The Pacific Climate Warriors will co-host the online event, bringing their stories from the frontlines of the climate crisis in the Pacific to the Lloyd’s insurance companies who continue to back new coal projects fuelling climate destruction.
Claudia Lang, Stop Adani campaign spokesperson says: “Lloyd’s of London is profiting from climate destruction by providing morally bankrupt companies like Adani with insurance. Adani’s climate wrecking coal project is a reputational disaster for companies who associate with it, that’s why 24 major insurers have taken a stand and publicly ruled out insurance for Adani: Lloyd’s must follow their lead and stop insuring Adani.”
Inangaro Vakaafi, Pacific Climate Warriors Polynesian Council of Elders member, says: “Lloyd’s of London is supporting destructive coal projects like Adani’s coal mine that are driving the climate crisis. Mining and burning coal from Adani’s mega mine will wreck our chance to protect our Pacific homelands from climate impacts. We are people who are living the realities of climate change right now. As Pacific people, we will continue to fight for our homes, our ways of life and our communities. We demand that Lloyd’s starts acting to protect the Pacific and shows leadership in insurance marketing by ruling out insurance for Adani.”
Lindsay Keenan, Insure our future campaign spokesperson says: “By providing Adani and other new coal projects with insurance, Lloyd’s and its insurers are complicit in turbo charging the disastrous impacts of climate change. It’s time for Lloyd’s to stand on the right side of history and say no to insurance for all coal projects and yes to a safe climate.”
Lloyd’s of London is an insurance marketplace made up of around 100 insurance companies who insure some of the riskiest and most controversial projects in the world. Insurance for the Adani Carmichael coal project is being arranged through Lloyd’s.
If built, Adani’s Carmichael mine will, amongst a range of other serious negative impacts, add an estimated 4.6 billion tonnes of carbon pollution to our atmosphere over its lifetime.
Environmental and reputational risks associated with Adani’s coal project have led 26 global insurance companies to publicly rule out insurance cover for the coal project. The grassroots #StopAdani movement has secured commitments from 16 insurance companies operating in the Lloyd’s of London marketplace not to insure Adani’s coal project. The #StopAdani campaign is calling on Lloyd’s to ban all insurance for new coal projects.
Lloyd’s has confirmed that some of its members started insuring Adani’s coal mine in 2019 but refuses to name the members involved. Lloyd’s also so far refuses to put in place a market wide policy excluding all of its members from insuring new coal mines, despite the climate science and the fact that most other leading insurers have such a policy in place.
Evidence that Lloyd’s member Aspen was involved came to light in June. When confronted, Aspen quickly responded that it understands the importance of environmental, social, and governance issues and therefore will not be renewing any insurance policies associated with the Adani Carmichael mine. Other Lloyd’s members including Allied World, Argo group and CNA Hardy have also recently made clear that they are not involved with Adani’s mine.
Exactly which Lloyd’s members are still insuring or plan to insure Adani is unclear and the subject of significant interest and concern. The Stop Adani campaign has been contacting Lloyd’s members one by one to rule them out and is now focused on a number of remaining members including Apollo, Arch, Brit, Hamilton Group, STARR, Lancashire, MAP and WR Berkley.